What you need to know
In 2020 Q4, GDP rebounded strongly at a growth rate of 6.5%, which was higher than 6.0% in the same period last year. In 2020 overall, GDP touched a growth rate of 2.3%, reflecting China’s vital growth energy. China is possibly the only major world economy that maintained positive growth in 2020, and it is highly likely to lead world economic development in 2021.
In 2021, Chinese consumers will return to their normal lives. Mintel’s research shows that though saving for the future is still the priority, Chinese consumers will not give up consumption for self-indulgence. With improved confidence in their financial situation, consumers continue to seek a high quality lifestyle and maintain their normal brand choices. Guarded optimism is still the main theme and will continue to be so in 2021.
Although a vaccine is on the way, consumers’ attention to health and social distancing will continue. Many industries severely hurt by the outbreak are exploring new models. Cinemas need to reshape themselves as offline gathering places and social spaces. The technology industry will focus on products and services that make consumers feel safer and healthier. The travel sector will utilize new business models to save itself, such as travel-related subscription services. There are many other rapidly growing industries too, such as online healthcare, e-learning, and live streaming. This will not only change consumers’ lifestyles but also set off a wave of entrepreneurship and innovations in business models.
Covered in this report
This is a quarterly report that examines macro-economic circumstances, consumer financial status, and spending confidence in China.
How well has China’s economy been performing since the outbreak?
How is consumer spending confidence changing since the outbreak?
Which consumer segments are being more affected and what is the difference in their financial priorities?
What are consumers’ consumption attitudes after the outbreak?
What market opportunities and business implications are there for companies to learn from?
